Amazon overtakes Microsoft to become world's 3rd most valuable public company

Amazon's market value surged to more than $702 billion on Wednesday, making the Seattle-based company the third-largest USA public company by that measure - surpassing its regional neighbor Microsoft for the first time.

One such example is Amazon's clear and established lead ahead of Microsoft in the cloud computing market, with AWS now holding a 34% market share compared to Microsoft Azure's 13%, according to Synergy Research Group.

Amazon's revenue has grown by at least 19 percent each year for the last decade, a record unmatched among companies with sales of more than $1 billion.

The company reached the milestone despite Microsoft shares rising 1.5 percent on the day to $90.81.

The value ranking of the tech titans was stable throughout 2017, although Amazon has been on the upswing since cracking the Top 10 in the fourth quarter of 2015.

While Microsoft managed to post some gains on the same day, it was not enough to offset Amazon's increase.

Amazon has almost quadrupled in value over the last three years, a surge that made founder and chief executive Jeff Bezos the world's richest man, displacing his Medina neighbor, Microsoft co-founder Bill Gates.

These continual and diverse advancements from Amazon have led to CEO Jeff Bezos becoming the world's richest man of all time, with both Forbes and Bloomberg valuing his net worth at over $100bn.

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